Michigan Heritage Bancorp, Inc.
28300 Orchard Lake Road
Farmington Hills, MI 48334
Stockwire.com: (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. just released some important news.
Aug 14, 2008 (M2 PRESSWIRE via COMTEX) -- (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. - Michigan Heritage Bancorp, Inc. Reports Second Quarter
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(OTCBB:MHBC) Michigan Heritage Bancorp, Inc.
FARMINGTON HILLS, Mich., Aug. 13 - Michigan Heritage Bancorp, Inc. , the holding company for Michigan Heritage Bank, recently announced a net loss of $1,315,000 or $0.87 per diluted share for the second quarter of 2008, compared to a net loss of $12,000 or $0.01 per diluted share for the same quarter of 2007. For the six-months ending June 30, 2008, the net loss was $1,488,000 or $0.99 per diluted share compared with net income of $78,000 or $0.05 per diluted share for the same six-month period of 2007. Total assets as of June 30, 2008 were $180,702,000, representing a decrease of $6,077,000 or 3.25% from December 31, 2007 and a decrease of $572,000, or 0.3% from June 30, 2007.
Net income for the six months ended June 30, 2008 was largely impacted by the increase of loan loss provision of $1,740,000. This provision was largely centered on three loans to local real estate developers. Net charge offs for the six-month period ended June 30, 2008 were $1,491,000, compared to a net recovery of $67,000 for the same six-month period of 2007. The Bank's allowance for loan losses increased from $1,851,000 or 1.28% of loans as of June 30, 2007 to $3,687,000 or 2.61% of loans as of June 30, 2008.
The Bank anticipates that future increases to loan loss provisions may be required in the third and fourth quarters of 2008. While the Bank is carefully evaluating any potential increases in loan loss provisions, it is unclear whether such increases would result in a material impact upon the Bank's overall capital position.
Raymond A. Biggs, the Bank's President and CEO, commented, "The challenges MHB faces will likely continue throughout 2008 and into 2009, as the local economy in Southeastern Michigan suffers from high unemployment, declining real estate values, and further softness in the auto industry. The distressed economic environment in Michigan continues to weigh heavily on general business activity. We are not unique in our situation, as many banks are experiencing similar stresses. While our challenges are not due to defaulted residential loans, they are primarily centered on 10 to 12 commercial loan relationship, which all have commercial real estate as the underlying collateral. With a lack of general economic activity, it is proving to be very difficult to pursue traditional paths when working out of these problem loans. We have taken steps to shore up collateral, require more equity and collateral from our borrowers and look for avenues to sell problem loans, where appropriate, and are taking additional measures to ensure the Bank is prepared if the economic stress continues."
Profile for Michigan Heritage Bancorp, Inc.
Michigan Heritage Bancorp, Inc. operates as the bank holding company for Michigan Heritage Bank (bank) that provides various commercial and consumer banking services. The bank primarily attracts deposits and makes loans. Its lending activities include commercial loans, commercial real estate loans, commercial equipment leases, direct financing leases, residential mortgage loans, home equity loans, and consumer installment loans. The bank accepts deposits that include noninterest bearing demand deposits, interest bearing checking and money market deposits, savings deposits, and time deposits. It also offers automated teller machine, telephone banking, and Internet banking services. As of Dece...
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